Sparked by the ViVo acquistion efforts in Brazil the Headlines today are from the WSJ about Telefonica and their expansion.We are friendly with many of their company employees from O2 in Europe and Movistar in Latin America.The article's quote César Alierta, CEO of Telefonica is very true to our experience of key personnel in these companies representing the management of capital and brand.

"The key factor for Telefónica to do anything is: first, human resources. Second, money," he explains. "We don't have the middle management able to run operations in sub-Saharan Africa. We can´t send engineers or marketing people who don't understand the local mentality, and when you don't know the local mentality, you have a big problem."